News
Westin Hospitality Property Undergoes $30M Renovations
The Westin La Paloma Resort & Spa, a 250-acre hospitality property nestled in the foothills of the Santa Catalina Mountains, is currently undergoing a $30 million renovation that began in the spring of 2012.
Stoltz Real Estate Partners Pays $51m for N. Las Vegas Community Center
Deer Springs Town Center is a 512,325-square foot retail center located at the intersection of the Interstate 215 Beltway and 5th Street. Developed in 2009, it stands on a 62-acre lot and is home to a number of big retail names such as Home Depot, Toys ‘R’ Us, Babies ‘R’ Us Ross Dress for Less, Target, PetSmart, Michaels and Staples. Not included in the deal were the 143,160 square feet occupied by retailer Target, the entity being the owner of the space. Other names featured on the complex’ tenant roster include AT&T, In-N-Out, Nevada Federal Credit Union and Verizon Wireless. At the time of the sale, Deer Springs Town Center’s occupancy rate stood at 86 percent.
Silverstein Secures Financing for Four Seasons Hotel, Condo Project in Lower Manhattan
Backed by a $660 million loan from a London investment fund, Silverstein Properties will begin construction this fall on a $950 million project, one of the tallest skyscrapers in downtown Manhattan, comprised of a 185-room Four Seasons hotel and 157 luxury condos.
Alliant Capital Purchase, New Co-CEO Give Ares a Trifecta
In its second and third major moves in less than a week, Ares Commercial Real Estate REIT has agreed to acquire EF&A Funding Alliant Capital for $63 million in cash and stock, and has also named a new co-CEO, Todd Schuster.
ULI Special Report: Opening Speakers Emphasize Need for Innovation
Can developers be innovative? That was the topic of discussion during the opening session at the 2013 ULI Spring Meeting in San Diego.
Economy Watch: Homebuilders More Cheerful; EU Still Mired in Recession; Wholesale Prices Dip in April
Homebuilders are feeling better about their industry’s prospects than they have in years. Recession continues to dog the 17-nation eurozone. And the U.S. Producer Price Index for finished goods decreased 0.7 percent in April.
Sampson Morris to Redevelop Wholey’s Building into Apartments
Sampson Morris Group is planning to redevelop the seven-story New Federal Cold Storage facility in the Strip District into 144 one- and two-bedroom loft apartments. Also known as the Wholey’s building, the windowless property is located at 1501 Penn Avenue.
186-Unit Apartment Community Trades in Metro Nashville
Greensboro, NC-based Bell Partners Inc., the seventh largest apartment operator in the United States, has announced the acquisition of Grove Franklin Apartments, in a 186-unit apartment community Nashville’s suburb of Franklin, TN.
Hilton Garden Inn Greenville Sold for $15M
Hunter Hotel Advisors has announced the sale of the 120-key Hilton Garden Inn Greenville, located at 108 Carolina Point Parkway, Greenville, South Carolina.
Winn Becomes Fortus Property Group’s First CEO
Fortus Property Group gets its first-ever CEO with the selection of William Winn to take on the title as well as that of president.